$2.2M Independent Bank Overdraft Fees Class Action Settlement

The Independent Bank Overdraft Fees Class Action Settlement includes “all Independent Bank customers in the United States who had one or more non-business accounts and who, from July 31, 2007, through March 9, 2017, incurred an overdraft fee as a result of Independent Bank’s former practice of debit card transaction sequencing.”

Current Independent Bank accountholders will receive a credit to their account. Former Independent Bank account holders will receive a check payment. Actual settlement payouts are dependent on the number of overdraft fees incurred by Class members.

Proof of Purchase

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Claim Form

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Independent Bank Overdraft Fees Settlement Notes

Linda R. Glaske v. Independent Bank

Case No. 13-009983-CZ

Pending in the Circuit Court for the County of Wayne, State of Michigan

Plaintiif Linda Glaske filed this class action lawsuit against Independent Bank claiming the bank wrongfully charges her overdraft fees on multiple occassion by manipulation her transactiosnby reording them from highest to lowest based on the dollar amount of the transactions for the purpose of generating additional overdraft occurrences.

According to Glaske, “for years, instead of simply declining debit transactions when there were insufficient funds, or warning its customers that an overdraft fee would be assessed if they proceeded with the transaction, Independent routinely processed such transaction and then charged its customers an overdraft fee of $30 or more – even when the transaction was only for a few dollars.”

The Independent Bank overdraft fees lawsuit asserts this practice was purposely designed to generate overdraft fee revenue for the bank, at the expense of their accountholders.

Independent Bank denies all legal claims in this case but agreed to settle the lawsuit to avoid further litigation.

Class members who wish to opt-out or object to the Independent Bank overdraft fees settlement must do so by Dec. 11, 2017.

Important Dates

N/A: Claim Form Deadline. Class members were sent notice of the Independent Bank overdraft fees settlement and will automatically receive a payment unless you opt out.

12/11/17:Objection or Exclusion Deadline

1/10/18: Final Approval Hearing Final at 2:00 pm ET (class members do not need to attend this hearing in order to receive a slice of the settlement pie).